Digital Edition

BlackBerry announces completion of US$1 billion investment

BlackBerry has completed the previously-announced US$1 billion private placement of convertible debentures to Fairfax Financial Holdings Ltd. and other institutional investors. “I look forward to leading the company through a successful...

BlackBerry has completed the previously-announced US$1 billion private placement of convertible debentures to Fairfax Financial Holdings Ltd. and other institutional investors. “I look forward to leading the company through a successful transformation and restoring BlackBerry’s position as an innovative, successful company,” said John Chen, who became BlackBerry’s executive chair and interim CEO upon the completion of the financing. “I believe in the value of this brand and am confident we will rebuild BlackBerry for the benefit of all of our constituencies.” The investors have an option to purchase up to an additional US$250 million principal amount of additional debentures within 30 days.

BMO Capital Markets acted as the sole bookrunner and sole placement agent for the private placement of the debentures.